Aug 28, 2019 (AmericaNewsHour) -- Asia Pacific Geofencing Market is projected to witness fastest growth between 2017 and 2024 due to growing inclination towards geofencing technology in the logistics and retail sectors in countries such as India, China and Australia.
North America is expected to dominate the geofencing market throughout the forecast timeline due to the availability of an extensive and robust GPS infrastructure and high awareness regarding location-based analytics. As U.S. based retailers are increasingly deploying proximity marketing campaigns to target prospective customers and retain their loyal ones, the market will experience consistent traction between 2017 and 2024.
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The technology combines the awareness of user’s current location with that of their proximity to a location of interest. The geofencing market is witnessing rapid growth due to increasing global penetration of mobile devices and favorable growth of location-based services implementation. As businesses are increasingly realizing the benefits of location-based monitoring and management of mobile resources for increasing workforce and process productivity, the geofencing market is expected to exhibit robust growth over the forecasted timeline. Moreover, increasing awareness regarding competitive intelligence and growing popularity of proximity marketing are also projected to propel the geofencing market growth between 2017 and 2024.
Touted as one of the most opportunistic business verticals of the sustainable and smart technologies industry, the growth chart of geofencing market is anticipated to scale new heights over the ensuing seven years. The massive proliferation of mobile devices coupled with the burgeoning requirement for proximity-based advertising, merchandising, and marketing solutions have contributed vigorously toward impelling the geofencing industry share augmentation. Apparently, geofencing technology has been making strong headways across myriad end-use domains including automotive, retail, BFSI, Media & Entertainment, transportation and logistics, hospitality, and public sector. In fact, the global geofencing market is estimated to have recorded a total remuneration portfolio of close to USD 200 million in the year 2016, as per reliable estimates.
Geofencing Market is witnessing consistent advancements in terms of upgradation and integration with other technologies such as beacons and augmented reality. As GPS is undergoing a technological transformation with acquisition of new satellites and emergence of latest standards, geofencing will evolve into a more sophisticated location-based service over the forecast period. An emerging application of geofencing market is increasingly evident as a recruitment tool, where companies are leveraging the technology to target prospective employees. Companies are locating and attracting specialized talent using geofencing.
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The US-based home improvement reta-il behemoth, Home Depot had rolled out an app a few years ago which switches to an 'in-store' mode when a customer enters the store. By utilizing location-based technology, the app provides the customers with a map with specific product offerings based on their exact location and allows them to use additional services like the 'product locator' tool. Needless to mention, the deployment of such innovative technology would enhance the in-store customer experience which would further boost the growth prospects of the global geofencing market.
Furthermore, it won't be incorrect to claim that the intensifying battle between offline and online shopping stores would propel the growth potential of the global geofencing market over the forthcoming years. Add to it, increasing efforts to modernize the performance and capability of existing GPS network would further boost the adoption of geofencing solutions across the diverse set of business domains. Apparently, the commercialization potential of this business space is quite evident from estimates noted in the research report by Global Market Insights, Inc., which claims geofencing market to accumulate remuneration of over USD 1.7 billion by 2024.
Table Of Content For This Research Report:
Chapter 6. Geofencing market, By Component
6.1. Geofencing market share by component, 2016 & 2024
6.2.1. Product market, by region, 2015-2024
6.2.2. Asset monitoring and management
184.108.40.206. Asset monitoring and management market, by region, 2015-2024
6.2.3. Fleet management
220.127.116.11. Fleet management market, by region, 2015-2024
6.2.4. Workforce management
18.104.22.168. Workforce management market, by region, 2015-2024
6.2.5. Promotion and advertising
22.214.171.124. Promotion and advertising market, by region, 2015-2024
6.2.6. Competitor tracking
126.96.36.199. Competitor tracking market, by region, 2015-2024
6.2.7. Drone management